Growth Opportunities in the Global Skincare Product Industry
The future of the global skincare product industry looks good with opportunities in the areas ofanti-aging, sun protection, body care lotion, and multi-functional skin cream. The global skincareproduct industry is expected to reach an estimated $135.1 billion by 2021 and is forecast to growat a CAGR of 3.8% by value from 2016 to 2021. The major drivers for the growth for this marketare increasing awareness among consumers about skin care and consumers’ inclination towardsmulti-functional skincare creams.
In this industry, facial care, body and hand care, depilatories, and sun care are the majorsegment type. On the basis of comprehensive research, Lucintel forecasts that the facial caresegment is expected to show above average growth during the forecast period.
Within the skincare product industry, facial care is expected to be the largest segment by valueand volume. Growth in demand for skincare products is largely dependent on growing healthawareness regarding sunburn damage and an increase in penetration of multi-functional skincareproducts in applications like anti-aging and skin lightening. Anti-aging creams are also combinedwith sun protection properties to be used as multifunctional skincare creams, which would spurgrowth for this segment over the forecast period.
For business expansion, the report suggests innovation and new product development to produceskincare products which have excellent transparency, outstanding dispersing properties, andbetter functional benefits for the end user. The report further suggests the development ofpartnerships with customers to develop user friendly skincare products.
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